Trump’s trade war cost Americans $1.4 billion a month last year, according to a new report

AP Photo/Jacquelyn Martin

  • Protectionist trade policies cost American consumers and importers $1.4 billion a month at the end of 2018, according to a new study.
  • While President Donald Trump has claimed foreign companies pay tariffs, economists say that isn’t true.
  • If the tariffs that were in place at the end of 2018 were to continue, about $165 billion dollars of trade a year would continue to be redirected.

A spate of protectionist policies with trading partners reduced real US income by $1.4 billion a month at the end of 2018, according to a new study by economists at the New York Federal Reserve, Princeton, and Columbia.

Using official data on prices and quantities of imports, they found American consumers and businesses footed the bill following the $283 billion worth tariffs the Trump administration levied on major economies last year while overseas companies paid little to nothing.

See the rest of the story at Business Insider

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SEE ALSO: ‘If this tariff takes effect, we are out of business’: Small companies warn of widespread layoffs and shutdowns if Trump doesn’t back down from a trade war with China

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